Brits stung in property deals in Brazil’s World Cup territory have turned for help to solicitors.
Investors are believed to have spent up to £19 million on plots of land in areas supposedly near the World Cup stadia. They had hoped that value would be added by the effect of the games along with rising land prices in the country.
The plots were to be developed as hotels and resorts and should return 20% per year, according to the sales pitch.
But it transpired, as you guessed, that the land is nearly worthless and unlikely ever to be developed.
The average plot was sold for £10,000. As many as 600 people are thought to have taken up the offer, investing as much as £19m.
In August last year a liquidator was called in. An Insolvency Service spokesman said: “These companies tried to link international sporting events with a bogus opportunity to lure investors to put money into their scam. When pressed, they could not support the claims."
Chris Corney, the solicitor advising investors of the Pantheon Realty operation, said there was a possibility of recovering money if the assets could be traced and frozen soon enough.
He listed the firms involved as Pantheon Realty Consultants Limited, Pantheon Realty Consultancy Limited, Pantheon Realty Limited, Pantheon Limited and PR Group Limited.
The law firm representing investors is Carter Lemon Camerons.
